are we looking at yet another million barrel /day decline in production?

[Rodent + 1,424]

https://www.reuters.com/article/libya-security-oil/libyas-noc-warns-of-impact-of-oil-port-shutdown-idUSL8N1TX0SP?rpc=401&

 

[Jan van Eck + 7,558]

17 minutes ago, Rodent said:

https://www.reuters.com/article/libya-security-oil/libyas-noc-warns-of-impact-of-oil-port-shutdown-idUSL8N1TX0SP?rpc=401&

 

And there is no evidence that any of the factions have any real interest in resolving disputes.  You can expect more gunfights, arson, destruction, and shortly, shut-in refineries, which will add still more grief. No ending seen on this bleak horizon. 

[Tom Kirkman + 8,860]

This looks bleak.

[AE911truth.org + 17]

Quote

TUNIS, July 1 (Reuters) - Libya’s National Oil Corporation (NOC) said on Sunday that a port blockade by eastern authorities could result in losses estimated at 850,000 barrels per day (bpd) of crude oil and daily revenue of $67.4 million.

To me it's unclear if the NOC means that the NOC will lose 850,000 barrels per day (some of it gained by the eastern authorities) or whether the world market will lose that much.

[Tom Kirkman + 8,860]

6 minutes ago, AE911truth.org said:

To me it's unclear if the NOC means that the NOC will lose 850,000 barrels per day (some of it gained by the eastern authorities) or whether the world market will lose that much.

Previously, Libya had been producing a bit more than 1 million bpd.

Libya's oil output down to 315,000 bpd as exports blocked

Libya’s oil production has been reduced to 315,000 barrels per day (bpd) as storage tanks at Hariga and Zueitina ports fill up due to eastern officials blocking exports, two Libyan oil sources said on Saturday.

[William Edwards + 708]

Has it not been obvious for many decades that a significant quantity of oil is produced from unstable regions of the world? Disruptions are ubiquitous. The continued existence of industry spare capacity provides cover for the losses. So far the industry has covered unexpected losses as large as the 6 million barrel a day of Iranian production in 1979. (Of course that was before the futures speculators were in control so prices did not respond very magnificently). Up to now there has never been an actual shortage of supplies, only price hysteria. My guess is that that same condition will prevail in the future.

[Guillaume Albasini + 851]

17 hours ago, AE911truth.org said:

To me it's unclear if the NOC means that the NOC will lose 850,000 barrels per day (some of it gained by the eastern authorities) or whether the world market will lose that much.

The loss if for the NOC and the world market . No oil has been exported from the eastern terminals since the control was shifted by Khalifa Haftar's Libyan National Army (LNA) from the official Tripoli-NOC to the rebel Bengazi-NOC.

The Tripoli-NOC is the only recognized by the UN and the international community. But now the eastern ports only allow the ships with agreed by the Bengazi-NOC.

Two tankers (MARAN HELEN and AMORE MIO II) are in stand by off the Zueitina terminal since thursday. The storage tanks of the port are full and the production has to go offline in the oilfields.

Libya's National Oil Corporation (the Tripoli-NOC) has declared force majeure on loadings from Zueitina and Hariga ports, resulting in total production losses of 850,000 bpd due to the closure of eastern fields and ports.